Investment Rating - Industry Rating: Recommended [5] Core Insights - The continuous advancement of 5G-A and AI technologies is expected to deeply unleash the potential of network connectivity, enabling operators to transition from a "traffic management" model to a "differentiated experience management" model [1][8] - The construction of the computing power internet experimental network aims to interconnect various computing resources, facilitating user access to computing power [1][7] Summary by Sections 1. 5G-A and AI Technology Advancement - The Ministry of Industry and Information Technology emphasizes accelerating the development of 5G-A and 6G technologies to empower modern industrial systems [1][7] - The IMT-2020 (5G) Promotion Group has identified six application scenarios for 5G-A, including immersive real-time, intelligent uplink, industrial interconnection, integrated sensing, massive IoT, and space-ground integration [7] 2. Investment Recommendations - The commercialization of 5.5G networks is expected to catalyze upstream components such as antennas, filters, high-end PCBs, and optical modules, benefiting companies like ZTE, Tongyu Communication, and others [2][8] - Continuous attention is recommended for application areas such as RedCap modules, integrated sensing, satellite communication, and XR, with potential beneficiaries identified [3][9] 3. Recent Market Views and Recommendations - The current environment shows high volatility, with wireless capital expenditures declining, but the computing power sector is expected to support performance recovery [11] - Key recommendations include focusing on computing power and communication infrastructure, optical network upgrades, and edge computing, with specific beneficiary companies listed [12][13]

Group 1 - The 5.5G concept is gaining traction, with companies like Wuhan Fangu and Shobei De seeing significant stock price increases due to their involvement in 5.5G technology and products [1] - Wuhan Fangu's products, such as multi-frequency multi-channel filters, are already being applied in 5.5G systems, leading to a stock price increase of 10.04% [1] - Shobei De has turned profitable and its antenna products are applicable in 5.5G networks, with a stock price rise of 7.68% [1] Group 2 - Recent reports indicate that users in Beijing are experiencing 5G-A signals, which are ten times faster than 5G, with testing networks deployed across 31 provinces in China [2] - Major telecom operators in China are investing heavily in 5G-A, with China Mobile planning to invest nearly 10 billion yuan to expand AI applications in wireless networks [3] - China Telecom and China Unicom are also pushing for 5G-A applications across various industries and key urban areas [3] Group 3 - During the 14th Five-Year Plan, China's 5G-A user base is expected to approach 1.3 billion, accounting for over 50% of the global total, enhancing digital transformation across industries [4] - 5G-A is seen as a significant upgrade to 5G, improving communication speed, connection density, latency, and positioning accuracy, paving the way for 6G technology [5] - The demand for dielectric waveguide filters is expected to rise due to their advantages in size, weight, and cost, benefiting the production of key components like antennas and filters [5] Group 4 - There is potential market growth in areas such as RedCap modules, integrated sensing, satellite communications, and XR, indicating a release of market space [6]